Dear Patrick: We have held North American Palladium for quite some time and are thinking of adding some at today’s low price. What is your opinion? Thank you kindly.
North American Palladium, $1.38, symbol PDL on Toronto (Shares outstanding: 174.7 million; Market cap: $241.1 million; www.napalladium.com), owns the Lac des Iles palladium mine near Thunder Bay. It also owns the Vezza gold project in Quebec’s Abitibi region.
Lac des Iles currently produces about 150,000 ounces of palladium a year, but this could reach 250,000 ounces by late 2015 as output rises at the mine’s new high-grade Offset zone.
North American Palladium’s long-term outlook is positive: palladium is mainly used in catalytic converters for automobiles; it’s also used in jewellery. The metal’s price should rise as the economic recovery pushes up vehicle sales.
However, the company will likely need to raise money at today’s low share price to complete its mine expansion. That will dilute the holdings of its current shareholders. As well, North American Palladium’s CEO abruptly resigned at the end of September 2012, and it must now find a replacement.
North American Palladium is okay for aggressive investors to hold, but only…
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